In recent days, the crypto market has been getting darker. Bitcoin is falling slowly but surely, flirting with $100,000. Should we see this as a temporary decline or the beginnings of a prolonged collapse? In this uncertain climate, Sequans' decision to liquidate nearly 1,000 bitcoins is causing discussion. This is not a small player: this listed company had invested massively in BTC in recent months. Today, it is selling a third of its assets. Start of panic or simple tactical adjustment? The crypto community is holding its breath.
In brief
- Sequans sold 970 bitcoins to reduce its debt from 189 million to 94.5 million.
- The firm keeps 2,264 bitcoins in reserve, used as collateral on its current debt.
- Its ranking in Bitcoin Treasuries goes from 29th to 33rd place worldwide.
- The price of bitcoin was around $102,000 at the time of the announced transaction.
Bitcoin Massive Sale to Relieve Pressing Debt
The news broke via a press release: Sequans sold 970 BTC, reducing its convertible debt from $189 million to $94.5 million. This operation aims to improve its debt/net asset value (NAV) ratio, from 55% to 39%. In a declining crypto market, this Sequans maneuver attracts attention.
The timing is all the more striking as bitcoin was around $102,000 at the time of the sale, its lowest level in four months.
CEO Georges Karam wants to be reassuring:
Our Bitcoin treasury strategy and deep conviction in Bitcoin remain unchanged. This transaction was a tactical move aimed at unlocking shareholder value given current market conditions.
Yet despite this speech, the sale represents 30% of its BTC reserves. A significant reduction, which lowers its position in the ranking of the largest business owners, from 29th to 33rd place. Enough to make some crypto investors doubt the solidity of the “bitcoin-cash” model.
The “bitcoin-cash” model put to the test in an unstable crypto market
Since June 2025, Sequans has embarked on a strategy inspired by MicroStrategy: financing the purchase of bitcoin through debt and fundraising. The plan was ambitious, with a goal of 100,000 BTC by 2030. In July, the company added 755 BTC via investments. But since then, the winds have turned.
The crypto market has cooled, fundraising is drying up, stock market premiums are melting. Indebted companies like Sequans are bearing the brunt of this reverse leverage effect. When BTC falls, the value of their cash plummets, as does their ability to borrow. Difficult, in this context, to maintain the trajectory.
A simple sentence, but which reflects a concern shared by many observers: when a pioneer of the crypto strategy liquidates its assets, it is perhaps that the noose is tightening.
Beliefs displayed, concessions assumed: Sequans adjusts its aim
Despite appearances, Sequans is not giving up on its strategy. The remaining balance of 2,264 BTC will still serve as collateral for his debt. But it must be recognized that the objective of 100,000 BTC now seems more distant. The speech is as confident as ever, but the action is more nuanced.
The company mentions a desire to increase its flexibility, relaunch its share buyback program (ADS) and issue preferential shares. Clearly, we are moving from offensive accumulation to prudent management.
On the stock market, SQNS shares have plummeted, losing 56% of their value since the summer. Crypto investors are watching this with a mix of concern and pragmatism. Many people wonder: is the bitcoin strategy viable if the market turns around for a long time? Or should we, on the contrary, hold on and strengthen our positions when fear dominates?
In summary: 5 facts that call attention to
- 970 BTC sold by Sequans in early November;
- 2,264 BTC retained, still used as collateral;
- Debt/NAV ratio reduced from 55% to 39%;
- Bitcoin Treasuries position: from rank 29 to 33;
- Bitcoin price at time of writing: $101,927
As for the future of bitcoin, visions diverge. Some still see it as a rocket ready to fly towards $150,000 by the end of 2025. Others, like CryptoQuant analysts, believe that a fall towards $72,000 remains perfectly plausible. Between heavenly promises and risks of collapse, the balance is thin.
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